Federal Reserve officials left interest rates unchanged and continued to expect one rate cut this year as they acknowledged increased uncertainty due to war in the Middle East.

The Federal Reserve is widely expected to halt its interest-rate-cutting cycle this week, as a steadier jobs market restores a degree of consensus at the central bank after months of growing division.

Federal Reserve officials will vote to cut interest rates again next week to safeguard against rising risks of a sharp deterioration in the labor market, according to economists surveyed by Bloomberg.

Federal Reserve Governor Christopher Waller said he’s advocating an interest-rate cut in December, though the US central bank can probably take more of a meeting-by-meeting approach starting in January once it receives a flood of economic data.

The share of outstanding US consumer debt that’s in delinquency rose in the first quarter to the highest in five years, reflecting an end to the pandemic-era pause on reporting delinquent student loan payments on credit reports.